Unless you are 100% all in on bitcoin.... you are shitcoining at some level. My goal is to be less of a shitcoiner in 2024, and move closer to all in on bitcoin.
Diversity into crypto shitcoins might be like finding gems on the pink sheets. Most are rug pulls.
Monero is a shitcoin?
Sure!!
Why?
There are many reasons that make monero a shitcoin, but I think a weird algorithm so called, ASIC resistance algorithm is the most critical reason.
RandomX is an algorithm that will take ASIC resistance one step further. It is designed to be ASIC resistant by using random code execution and memory-hard techniques to prevent specialized mining hardware from dominating the network. Because RandomX is optimized for general-purpose CPUs, the network will become more decentralized and egalitarian in the distribution of block rewards. ASICs are the clear target of RandomX, but since it’s optimized for CPUs, GPUs will also suffer.
It doesn't make sense at all. Mining machines are just about efficiency not type. You can get sha256 by hand. Old version ASIC miner is worse than new version ASIC.
CPU mining doesn't make network decentralized. Instead, it can make network more centralized. Imagine Monero's value going up and then, Google data center and AWS mines Monero. Big-tech already has huge CPU power.
What has more potential for decentralization? Limited supply ASICs that cost thousands of dollars to even get started or the ubiquity of CPUs that every pleb has all around us?
There are 2 major ASIC manufacturers that have a stranglehold over new supply, KYC your ass, and know exactly why you're using them. You get the sloppy seconds after they've been using them for a year if you're lucky. Then your non existent hash power is eclipsed by corporate mining farms and two mining pools that make up ~58% of blocks
The situation is not very different for you
Oh and those pools are already starting to censor, nice
Explain me how you can compete with expensive ASIC machines in btc mining with your regular desktop or notebook. Monero solves this problems cleverly
Bitcoin doesn't award participation trophies.
Markets optimize for efficiency not equity.
Which makes a cryptocurrency secure is the process of mining, the more people participate the more secure network is. The market cap is irrelevant on this issue
Dynamic block size is one of the reasons that makes Monero a shitcoin. It makes normies difficult to run a node.
Running a monero node isn't more difficult than running a Bitcoin node.
It's because majority people know that Monero is a shitcoin. The more people accept Monero, the harder to run a node.
Larger block sizes have a negative impact on not only storage size but also on verification time.
So your argument is it will be so successful and popular that it will be hard to run a node?
Or do you believe Monero will remain an irrelevant niche?
If the latter then why are you worried about the size growing too large? (not even considering consumer tech is not static and protocol scalability improvements - a strength bitcoin doesn't really have)
What about a coin with high tx fees that will become infeasibly expensive in the future, zero privacy, and lacked real world fungibility.
Expensive, surveillable, and taintable. Sounds difficult for normies to use.
From what I understand, it doesn't scale. Even if it could've scaled, it hasn't, so it doesn't matter.
If I don't understand it, but that's not a criticism on me, that's a criticism on Monero. Network effects.
It will never decentralize. It's insanely difficult to audit. The more it gets used, the harder it is to audit.
Monero is what it is. I don't mind it, but this is all it will ever be. This is all it was ever intended to be.
CPU mining lol. 🤦♂️
So your argument is that you believe Monero is and will remain an irrelevant niche? Then why tf are you worried about the size growing too large???
Na, you don't understand because you put zero effort into learning any of these things, which is fine, but you still want to give your uninformed opinion. Thats on you not Monero.
You audit Monero exactly like you audit Bitcoin. You rely on your node to do it. No Bitcoiner verifies for themselves the hundreds of millions of transactions inside 800,000+ blocks. What about every ten minutes?No, they just run a node. Same implementation risk. So, what is the real world advantage or difference? It's verification larping
I'm not exposed, why would I be worried?
The post said there will be other monies alongside Bitcoin. A niche crypto token used for anonymous transfers is not monies alongside Bitcoin. It's a drop in the ocean.
I think Monero is cool to use but it's a bad investment. That was and remains my point. The network effects will never shift in its favour. It will never outperform, I doubt it will even grow at all.
It's not hard to audit because the Maths is hard. It's hard to audit because there's no transparent public ledger. I'm sure you could get round to understanding it eventually, I'm sure you'd detect a fault eventually, but eventually is not really good enough.
Your argument is incoherent with what you're saying.
You can't simultaneously think Monero will always be a niche irrelevant crypto and also think it will grow too large and popular for people to run a node. It's one or the other.
I've never told anyone to invest in Monero or any promises of get rich quick schemes. You'll rarely see any Monero users saying save or invest in Monero. You're supposed to use it just like you're saying.
Ok, then tell me, how do YOU personally audit Bitcoin?
I bet all you do is rely on your node to do that for you.
You aren't even taking advantage of Bitcoin's transparent public ledger that you love so much. That's why I called it LARPing earlier. You do nothing different from a Monero user relying on their node to audit.
Cause this
So only price matters? LOL
No
Just proving a point that storing anything for long periods of time trends to zero in bitcoin terms.
But talk more about $5 fees please
I didn’t question that fact, my point isn’t that.
Average $5 fees *right now* guarunteed to rise as demand climbs for limited blockspace
Not even bringing up the issues of zero privacy and poor real world fungibility
Unless you plan on never using Bitcoin (neutering p2p electronic cash the literal title of the white paper) those are all serious problems
The choices aren't Bitcoin or Monero only. You can save with one and spend with the other. Don't save with Monero if you think that trend will continue. No one is forcing you to hold large amounts for long periods of time. That's your weird false dichotomy you can't get past.
So you hold more bitcoin than monero right?
You say lightning isn't private & so you'll pay those on chain fee every time you swap into monero
It's not that I think it's not private. It's not private. But lets not continue that because you're arguing against lightning devs telling you it's not so you're too far gone for me to convince about that.
No, just...
1. Onramp to Monero directly. Easy.
OR
2. Swap enough Bitcoin for you to use for a few months or X amount of time you're comfortable with. You're paying one onchain bitcoin transaction for 100s of transactions. Saving a lot of money by doing that do the math.
That’s not a true statement.
Investing in legal assets besides BTC isn’t shitcoining. Stop trying to move the goalposts BitBoy.
Shitcoining is buying/promoting illegal, centralized, unregistered security tokens that will & have REKT people.
You do you. HFSP.
